Have you ever thought about having a mentor? Most people underestimate the value of a mentor, which is often one of the reasons for failing in Forex. A mentor should offer you valuable insight that only experience provides – be that in successes, failures or both.
The following points are aimed at motivating you to find a mentor whose knowledge can give you peace-of-mind in your trading activities. Here are our six top tips!
Tip 1: Mentors Can Reduce Failures
Two paths are leading to wisdom in your business in life. Either you make your own mistakes and learn from those, or you learn from other people’s mistakes. A person who has already walked the path of both success and failure can safely guide you through the Forex battlefield.
If you decide to figure out everything on your own, then it is almost certain that you will encounter more problems and the path to success will be longer. Most of us simply don’t have enough time and money to make too many mistakes.
Tip 2: Choose a Brutally Honest Mentor
A trading mentor will help you the most if he/she speaks the full truth. You won’t be hearing what you want to hear, but rather what you need to hear. This might not be easy for some strong egos, but ultimately, you will learn to respect the honesty and dedication your mentor provides you with.
I have experienced receiving and providing honest comments during my endeavour to help other traders – sometimes it’s hard work, but it’s always appreciated in the end.
Tip 3: Mentors build Confidence
Anytime you start on a path towards something new, you will experience a lot of uncertainty along the way. That’s a natural process. The Forex trading experience is no exception.
Most people can overcome that uncertainty by themselves. Others simply can’t. For the latter, a mentor is great support. They will help you build confidence. Sometimes simple words of encouragement will be enough, or perhaps an email with a different perspective will do the trick.
Tip 4: The Mentor’s Experience is Your Education
As noted earlier, the best teacher is always one who has experience in your industry. With a mentor, you are often learning from someone who has already arrived where you want to be. Remember, you can’t buy experience, it can only be earned and shared. As the old adage goes,
“a mentor is someone whose hindsight can become your foresight”
Tip 5: But, Be Aware of Bad Mentors
Of course, you need to be very careful about selecting a mentor. Like any profession, the Forex trading industry contains its share of fraudsters. Luckily, it’s easy to spot a bad one if you follow these guidelines.
Guideline number one: if you feel like a naughty pupil whenever you talk to your mentor- he/she is probably not a very good one. A mentor should collaborate and encourage, not dictate.
Guideline number two: there are numerous Forex marketers selling online mentor programs, usually as a downloading PDF. I call these options snake oil. There is no way a simple PDF can teach you the proper facts about trading, psychology, money management and/or risk management – all of which you need to understand if you want to successfully trade. Only a full scale trading course can truly teach and explain all the angles.
Tip 6: Incompetent and secretive
I always state the importance of pre fact analysis. Traders prefer clear and concise summary to understand possible outcomes. We are more interested in knowing what may happen then what has already happened.
If you ever see that your mentor is not eager to confirm provided results by videos, screenshots or statements – be aware. Remember, even formal statements can be counterfeited, but not live trading videos showing pre fact and post fact results.
How Do I Find the Right Mentor?
The cost-free webinars and Price action trading school that I provide through Elite CurrenSea, are great examples of this. If you want to upgrade and try my full CAMMACD course, then I am looking forward to our cooperation together.
Ideally, a mentorship will develop into a longer-term relationship based on trust and collaboration. The key to making a mentoring relationship successful, is to make sure that it’s mutually beneficial.
Cheers and safe trading,